By Jeremy C. Owens
Chargepoint Holdings Inc. disclosed Wednesday that its car-charging stations had produced better sales than expected in the second quarter, and executives increased their sales target for the year, sending shares more than 13% higher in after-hours trading.
Chargepoint /zigman2/quotes/214140886/composite CHPT +3.97% reported a second-quarter loss of $84.9 million, or 29 cents a share, after reporting a loss of $35.3 million a year ago. Sales increased to $56.1 million from $35 million a year prior, with more than $40 million credited to its networked charging systems.
Analysts on average expected a loss of 13 cents a share on sales of $49.1 million, according to FactSet. After closing with a 0.4% gain at $21.23, shares jumped to more than $23.50 in the extended session following Wednesday’s report.
With the sales beat, executives increased their annual guidance to sales of $225 million to $235 million, after previously stating a target of $195 million to $205 million. For the third quarter, the forecast calls for revenue of $60 million to $65 million. Analysts on average were expecting third-quarter sales of $54.7 million and annual revenue of $207.5 million, according to FactSet.
Chargepoint went public last year through a special-purpose acquisition company, or SPAC, and shares have more than doubled since the transaction became official, rising 108.1% as the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.30% has gained 30.2%. The company sported a market capitalization of $6.8 billion as of the end of Wednesday’s session, according to FactSet.